Â© Reuters. The ticker for Intercontinental Exchange Inc. is displayed on a screen above the post where it is traded on the floor of the New York Stock Exchange
(Reuters) – Intercontinental Exchange Inc (N :), the owner of the New York Stock Exchange, has announced that it will buy commodity trading platform Trayport from BGC Partners Inc (O 🙂 and GFI Group Inc for approximately $ 650 million in stock.
ICE said the deal would help it deliver new services to European over-the-counter energy markets, including electricity and coal.
The operator of the exchange and clearinghouse said it also plans to expand the platform to cater for over-the-counter energy markets in Asia.
GFI will receive 2.5 million ICE shares as part of the transaction. ICE may substitute cash for some or all of the equity consideration, BGC said in a statement.
ICE, which started as an energy exchange in 2000 and has grown through acquisitions of companies including the New York Board of Trade, said the deal would not have a significant impact on its 2016 profits.
Trayport is a subsidiary of the GFI group, which was acquired by BGC Partners in March.
ICE’s financial advisor is Goldman Sachs & Co (N 🙂 and its legal advisor is Shearman & Sterling LLP. Cantor Fitzgerald & Co is BGC’s financial advisor, while its legal advisor is Wachtell, Lipton, Rosen & Katz.
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